Iran to Award Bangestan Development Work Soon
Al-e Aqa said his department has been in talks with National Iranian Oil Engineering and Development Company, and three foreign companies namely Shell, BP and Total SA on the tender project since 1998. He cited complexity of the project as the reason for delay in announcement of the winner of the project. He said no bidder has so far been able to win the offer.
Consecutive changes in the form and contents of buy-back contracts aiming to raise Iran's share in the deals, punish violator of the principle for optimal use of facilities, long-term rather than short-term commitments on the part of foreign bidders and inclusion of extra conditions for continued production have been hindering signing of the deal, he added.
The official said Bangestan oil field is expected to yield up to 260,000 barrels of oil a day. Chairman of Shell in Iran, Robert Weener, had recently criticized the slow pace of talks between Iran's Oil Development and Engineering Company and the bidders on development of Bangestan oil field, saying his company is very interested in participating in the project.
Talks on development of the field have reportedly been underway at National Iranian Oil Company since 1998 with no tangible results. Weener said the delay in announcing the eventual winner of the tender for development of Bangestan oil field is due to change of conditions for development of the field by Oil Development and Engineering Company. He said three tenders were to be held for three phases of the development project but as a result of changes in policy just one tender would be announced for the entire phases.
He added that Shell is not in talks for development of Azadegan oil field, because it is to serve as consultant partner to Japanese companies which are holding talks with National Iranian Oil Company on the issue.
The official said the Japanese companies had joined Shell in projects for development of Soroush and Norouz oil fields by gaining 20 percent of shares of the project.
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Rooftop Solar Now 4th Largest Source of Electricity in Australia
- US Confirms Reimposition of Oil Sanctions against Venezuela
- EU, Industry Players Ink Charter to Meet Solar Energy Targets
- Analyst Says USA Influence on Middle East Seems to be Fading
- Russian Ships to Remain Banned from US Ports
- Brazil Court Reinstates Petrobras Chair to Divided Board
- EIB Lends $425.7 Million for Thuringia's Grid Upgrades
- Var Energi Confirms Oil Discovery in Ringhorne
- Seatrium, Shell Strengthen Floating Production Systems Collaboration
- An Already Bad Situation in the Red Sea Just Got Worse
- What's Next for Oil? Analysts Weigh In After Iran's Attack
- USA Regional Banks Dramatically Step Up Loans to Oil and Gas
- EIA Raises WTI Oil Price Forecasts
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Venezuela Authorities Arrest Two Senior Energy Officials
- Namibia Expects FID on Potential Major Oil Discovery by Yearend
- Oil Markets Were Already Positioned for Iran Attack
- Is The Iran Nuclear Deal Revival Project Dead?
- Petrobras Chairman Suspended
- Oil and Gas Executives Predict WTI Oil Price
- An Already Bad Situation in the Red Sea Just Got Worse
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil and Gas Execs Reveal Where They See Henry Hub Price Heading
- Equinor Makes Discovery in North Sea
- Macquarie Strategists Warn of Large Oil Price Correction
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Standard Chartered Reiterates $94 Brent Call
- Chevron, Hess Confident Embattled Merger Will Close Mid-2024
- Analysts Flag 'Remarkable Feature' of 2024 Oil Price Rally